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In this video, Mike discusses the importance of a well-defined partnership agreement when entering a business partnership. He shares his experiences as both a sole owner and a partner in various companies. Mike emphasizes that the agreement should clearly outline the roles, responsibilities, and accountabilities of each partner. He notes that often partners blame each other for not fulfilling their duties due to a lack of defined roles. Despite being equals, he asserts that it is crucial for someone within the partnership to take on a leadership role for effective management and accountability.
